Between 2013 and 2023, the value added of power boiler and heat exchanger manufacturing in Canada displayed significant fluctuations. The series started high in 2013 at 703.35 million CAD, followed by a sharp decline in 2015 (26.87%) and 2016 (20.53%), experiencing some recovery in 2017 (21.97%) and 2018 (22.32%). The value decreased again in subsequent years, reaching 464.38 million CAD in 2023. Over the last two years, a modest decline of 1.76% in 2023 preceded an anticipated drop of 7.2% in 2024.
The future forecast predicts a continual downward trend, with a compound annual growth rate (CAGR) of -6.45% per year, leading to a 28.35% decline over the next five years, reaching 310.21 million CAD by 2028.
Future trends to watch include potential impacts of technological advances, regulatory changes, and shifts in energy policies influencing the sector’s demand and production capabilities.
